Grand Rapids, Michigan Retail Market

Dick Jasinski, Associate Broker, S.J. Wisinski & Company

Downtown Grand Rapids is experiencing retail development that is being stimulated by the new DeVos Place convention center and new Grand Rapids Art Museum, according to Dick Jasinski, associate broker with Grand Rapids-based S.J. Wisinski & Company.

New developments on Monroe Center in downtown include the 15,000-square-foot Louis Betton Steak House and the 5,000-square-foot Chop House, which will open in early 2004.

“The city is in the process of hiring a consulting firm to give direction to a new entertainment center,” Jasinski says. “Also, numerous condominiums and apartments are being built on Monroe Center and Monroe Avenue, which will further increase the retail activity.”

Development of southern Kent County will advance when the new South Beltline (M-6), which will connect Interstate 96 and Interstate 196, is completed in early 2005. Currently, Ramco-Gershenson is planning a shopping center, with 400,000 square feet of retail anchored by Meijer’s and Kohl’s, at M-6 and Kalamazoo Avenue.

In addition, Mark Finklestein is redeveloping the former Showcase Cinema site at the I-96 and 28th Street interchange. This site has approximately 80 buildable acres that will be developed for retail and office space. Recently, a new Bennigan’s and IHOP opened across the street from the site.

Further west on 28th Street, a new Carrabba’s Italian Grill opened in November. The Best Catalog Showroom, across from Woodland Mall, has undergone major renovations. Party City will occupy 14,000 square feet and Pet Supplies Plus will occupy 8,000 square feet in the totally renovated space.

“The Rivertown Shopping Area in Grandville continues to expand,” Jasinski says. “Olive Garden and Bob Evans opened new restaurants in September, and a new 5,000-square-foot Big Boy has been announced near The Home Depot.”

The East Beltline, which is home to the Meijer Gardens, is also seeing activity. In the Knapp’s Corner area, a new Bennigan’s restaurant has been approved, and a Panera Bread and Johnny Carino’s recently opened. “The northeast corner of Knapp and the East Beltline is ripe for development,” Jasinski says.

Jade Pig Ventures is pursuing two major re-developments, according to Jasinski. One site is the former Jacobson’s store in east Grand Rapids, which will be scraped for a combination of retail and office space. The other site is Breton Village, which the company purchased last spring. This center will undergo a remodeling sometime after the completion of the Jacobson’s store project. “In spite of all this development, vacancy rates continue to be low in the Greater Grand Rapids area,” Jasinski says.

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